Prohibited Allocations of Securities in an S Corporation, 5948-5949 [05-2200]
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5948
Federal Register / Vol. 70, No. 23 / Friday, February 4, 2005 / Proposed Rules
especially helpful in exposing
redundant or potentially inconsistent
regulatory requirements. We recognize
that commenters using a product line
approach may want to make
recommendations about rules that are
not in our current request for comment.
They should do so since the EGRPRA
categories are designed to stimulate
creative approaches rather than limiting
them. We note, in this respect, that
NCUA included both its lending and
investment rules in its first EGRPRA
notice (68 FR 39863, July 3, 2003), and
that the same rules are included with
this notice as well. The first notice
solicited comment on the category of
Powers and Activities, while in this
notice we are focused on Safety and
Soundness issues. Because aspects of
both rules fall into each category, we are
including them for this second time.
There are several other rules, which we
have placed in other categories, that also
involve safety and soundness. Finally,
we note that, as related to state
chartered, federally insured credit
unions, the inclusion of subpart B of 12
CFR part 748 in this category is a
shorthand reference to a number of rules
codified elsewhere in our regulations
that have a significant safety and
soundness impact. Comment is invited
on all of these rules.
Specific issues to consider. While all
comments are welcome, NCUA
specifically invites comment on the
following issues:
• Need for statutory change. Do any
of the statutory requirements underlying
these regulations impose redundant,
conflicting or otherwise unduly
burdensome requirements? Are there
less burdensome alternatives?
• Need and purpose of the
regulations. Are the regulations
consistent with the purposes of the
statutes that they implement? Have
circumstances changed so that the
regulation is no longer necessary? Do
changes in the financial products and
services offered to consumers suggest a
need to revise certain regulations or
statutes? Do any of the regulations
impose compliance burdens not
required by the statutes they
implement?
• General approach/flexibility.
Generally, is there a different approach
to regulating that NCUA could use that
would achieve statutory goals while
imposing less burden? Do any of the
regulations in this category or the
statutes underlying them impose
unnecessarily inflexible requirements?
• Effect of the regulations on
competition. Do any of the regulations
in this category or the statutes
underlying them create competitive
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15:38 Feb 03, 2005
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disadvantages for credit unions
compared to another part of the
financial services industry?
• Reporting, recordkeeping and
disclosure requirements. Do any of the
regulations in this category or the
statutes underlying them impose
particularly burdensome reporting,
recordkeeping or disclosure
requirements? Are any of these
requirements similar enough in purpose
and use so that they could be
consolidated? What, if any, of these
requirements could be fulfilled
electronically to reduce their burden?
Are any of the reporting or
recordkeeping requirements
unnecessary to demonstrate compliance
with the law?
• Consistency and redundancy. Do
any of the regulations in this category
impose inconsistent or redundant
regulatory requirements that are not
warranted by the purposes of the
regulation?
• Clarity. Are the regulations in this
category drafted in clear and easily
understood language?
• Burden on small insured
institutions. NCUA has a particular
interest in minimizing burden on small
insured credit unions (those with less
than $10 million in assets). More than
half of federally-insured credit unions
are small—having $10 million in assets
or less—as defined by NCUA in
Interpretative Ruling and Policy
Statement 03–2, Developing and
Reviewing Government Regulations.
NCUA solicits comment on how any
regulations in this category could be
changed to minimize any significant
economic impact on a substantial
number of small credit unions.
NCUA appreciates the efforts of all
interested parties to help us eliminate
outdated, unnecessary or unduly
burdensome regulatory requirements.
IV. Regulations About Which Burden
Reduction Recommendations Are
Requested Currently
SAFETY AND SOUNDNESS AND ANTIMONEY LAUNDERING RULES
Code of Federal
Regulations
(CFR) Citation
Subject
Lending ............................
Investments ......................
Supervisory Committee
Audits and Verifications.
Security Programs ...........
Guidelines for Safeguarding Member Information.
Records Preservation
Program and Record
Retention Index.
PO 00000
Frm 00005
Fmt 4702
12 CFR 701.21.
12 CFR part 703.
12 CFR part 715.
12 CFR 748.0.
12 CFR 748, appendix A.
12 CFR part 749.
Sfmt 4702
SAFETY AND SOUNDNESS AND ANTIMONEY LAUNDERING RULES—Continued
Subject
Appraisals ........................
Examination .....................
Rules that Apply to Federally insured state-chartered credit unions.
Report of Crimes or Suspected Crimes.
Bank Secrecy Act ............
Code of Federal
Regulations
(CFR) Citation
12 CFR part 722.
12 CFR 741.1.
12 CFR part 741,
subpart B.
12 CFR 748.1(c).
12 CFR 748.2.
By the National Credit Union
Administration Board on January 25, 2005.
Mary Rupp,
Secretary of the Board.
[FR Doc. 05–2205 Filed 2–3–05; 8:45 am]
BILLING CODE 7535–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–129709–03]
RIN 1545–BC34
Prohibited Allocations of Securities in
an S Corporation
Internal Revenue Service (IRS),
Treasury.
ACTION: Correction to notice of proposed
rulemaking by cross-reference to
temporary regulations and notice of
public hearing.
AGENCY:
SUMMARY: This document contains
corrections to a notice of proposed
rulemaking that was published in the
Federal Register on December 17, 2004
(69 FR 75492), relating to prohibited
allocations of securities in an S
Corporation.
John
Ricotta at (202) 622–6060 (not a toll-free
number).
SUPPLEMENTARY INFORMATION:
FOR FURTHER INFORMATION CONTACT:
Background
The notice of proposed rulemaking
(REG–129709–03) that is the subject of
this correction is under section 409 of
the Internal Revenue Code.
Need for Correction
As published the notice of proposed
rulemaking (REG–129709–03), contains
errors that may prove to be misleading
and are in need of clarification.
E:\FR\FM\04FEP1.SGM
04FEP1
Federal Register / Vol. 70, No. 23 / Friday, February 4, 2005 / Proposed Rules
Correction of Publication
Accordingly, the publication of the
notice of proposed rulemaking by crossreference to temporary regulations and
notice of public hearing (REG–129709–
03), which was the subject of FR Doc.
04–27295, is corrected as follows:
1. On page 75492, column 2, in the
preamble under the caption DATES, the
second sentence from the bottom of the
paragraph, the language ‘‘10 a.m. must
be received by March 14,’’ is corrected
to read ‘‘10 a.m. must be received by
March 30,’’.
2. On page 75492, column 2, in the
preamble under the caption ADDRESSES,
the last sentence, the language ‘‘REG–
129703–03).’’ is corrected to read ‘‘REG–
129709–03).’’.
3. On page 75492, column 3, in the
preamble under the caption Comments
and Requests for a Public Hearing,
paragraph 3, line 8, the language
‘‘March 14, 2005. A period of 10
minutes’’ is corrected to read ‘‘March
30, 2005. A period of 10 minutes’’.
PART 1—[AMENDED]
§ 1.409(p)–1
[Corrected]
4. On page 75493, column 1, the
section title for § 1.409(p)-1, the
language ‘‘Prohibited allocation of
securities in an S Corporation.’’ is
corrected to read ‘‘Prohibited allocations
of securities in an S Corporation.’’.
Guy R. Traynor,
Federal Register Liaison, Publication and
Regulations Branch, Legal Processing
Division, Associate Chief Counsel, Procedures
and Administration.
[FR Doc. 05–2200 Filed 2–3–05; 8:45 am]
BILLING CODE 4830–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 300
[FRL–7868–5]
National Oil and Hazardous Substance
Pollution Contingency Plan; National
Priorities List
Environmental Protection
Agency.
ACTION: Proposed rule; notice of intent
to delete the Southern Maryland Wood
Treating Superfund Site from the
National Priorities List.
AGENCY:
SUMMARY: The Environmental Protection
Agency (EPA) Region III is issuing a
notice of intent to delete the Southern
Maryland Wood Treating Superfund
Site (Site) located in Hollywood,
Maryland from the National Priorities
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15:38 Feb 03, 2005
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List (NPL) and requests public
comments on this notice of intent. The
NPL, promulgated pursuant to section
105 of the Comprehensive
Environmental Response,
Compensation, and Liability Act of
1980, as amended (CERCLA), is found at
Appendix B of 40 CFR part 300, which
is the National Oil and Hazardous
Substances Pollution Contingency Plan
(NCP). EPA and the State of Maryland,
through the Maryland Department of the
Environment (MDE), have determined
that all appropriate response actions
under CERCLA have been completed.
However, this deletion does not
preclude future actions under CERCLA.
In the ‘‘Rules and Regulations’’
section of today’s Federal Register, EPA
is publishing a direct final rule of
deletion of the Southern Maryland
Wood Treating Site without prior notice
of intent to delete because EPA views
this as a noncontroversial deletion and
anticipates no adverse comment. EPA
has explained its reasons for this
deletion in the direct final rule of
deletion. If EPA receives no adverse
comment(s) on this notice of intent to
delete or the direct final rule of deletion,
EPA will not take further action. If EPA
receives adverse comment(s), EPA will
withdraw the direct final rule of
deletion and it will not take effect. EPA
will, as appropriate, address all public
comments in a subsequent final deletion
notice based on this notice of intent to
delete. EPA will not institute a second
comment period on this notice of intent
to delete. Any parties interested in
commenting must do so at this time. For
additional information, see the Direct
Final Rule of Deletion which is located
in the ‘‘Rules and Regulations’’ section
of this Federal Register.
DATES: Comments concerning this Site
must be received by March 7, 2005.
ADDRESSES: Written comments should
be addressed to: Robert Sanchez,
Remedial Project Manager, U.S. EPA
Region III (3HS23), 1650 Arch Street,
Philadelphia, PA 19103–2029, (215)
814–3451.
FOR FURTHER INFORMATION CONTACT:
Robert Sanchez, Remedial Project
Manager, U.S. EPA Region III (3HS23),
1650 Arch Street, Philadelphia, PA
19103–2029, (215) 814–3451 or 1–800–
553–2509.
SUPPLEMENTARY INFORMATION: For
additional information, see the Direct
Final Notice of Deletion which is
located in the ‘‘Rules and Regulations’’
section of this Federal Register.
Information Repositories: Repositories
have been established to provide
detailed information concerning this
decision at the following addresses: U.S.
PO 00000
Frm 00006
Fmt 4702
Sfmt 4702
5949
EPA Region III, Regional Center for
Environmental Information (RCEI), 1650
Arch Street (2nd Floor), Philadelphia,
PA 19103–2029, (215) 814–5254,
Monday through Friday, 8 a.m. to 5
p.m.; and in Maryland at the St. Mary’s
County Library, 23250 Hollywood Road,
Leonardtown, MD 20650 (301) 475–
2846, Monday through Friday, 8 a.m. to
4 p.m.
List of Subjects in 40 CFR Part 300
Environmental protection, Air
pollution control, Chemicals, Hazardous
waste, Hazardous substances,
Intergovernmental relations, Penalties,
Reporting and recordkeeping
requirements, Superfund, Water
pollution control, Water supply.
Authority: 33 U.S.C. 1321(c)(2); 42 U.S.C.
9601–9657; E.O. 12777, 56 FR 54757, 3 CFR,
1991 Comp., p. 351; E.O. 12580, 52 FR 2923,
3 CFR, 1987 Comp., p. 193.
Dated: January 26, 2005.
Richard J. Kampf,
Acting Regional Administrator, Region III.
[FR Doc. 05–2059 Filed 2–3–05; 8:45 am]
BILLING CODE 6560–50–P
DEPARTMENT OF HOMELAND
SECURITY
Federal Emergency Management
Agency
44 CFR Part 67
[Docket No. FEMA–P–7669]
Proposed Flood Elevation
Determinations
Federal Emergency
Management Agency, Emergency
Preparedness and Response Directorate,
Department of Homeland Security.
ACTION: Proposed rule.
AGENCY:
SUMMARY: Technical information or
comments are requested on the
proposed Base (1% annual-chance)
Flood Elevations (BFEs) and proposed
BFE modifications for the communities
listed below. The BFEs and modified
BFEs are the basis for the floodplain
management measures that the
community is required either to adopt
or to show evidence of being already in
effect in order to qualify or remain
qualified for participation in the
National Flood Insurance Program
(NFIP).
The comment period is ninety
(90) days following the second
publication of this proposed rule in a
newspaper of local circulation in each
community.
DATES:
E:\FR\FM\04FEP1.SGM
04FEP1
Agencies
[Federal Register Volume 70, Number 23 (Friday, February 4, 2005)]
[Proposed Rules]
[Pages 5948-5949]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-2200]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-129709-03]
RIN 1545-BC34
Prohibited Allocations of Securities in an S Corporation
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correction to notice of proposed rulemaking by cross-reference
to temporary regulations and notice of public hearing.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to a notice of proposed
rulemaking that was published in the Federal Register on December 17,
2004 (69 FR 75492), relating to prohibited allocations of securities in
an S Corporation.
FOR FURTHER INFORMATION CONTACT: John Ricotta at (202) 622-6060 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The notice of proposed rulemaking (REG-129709-03) that is the
subject of this correction is under section 409 of the Internal Revenue
Code.
Need for Correction
As published the notice of proposed rulemaking (REG-129709-03),
contains errors that may prove to be misleading and are in need of
clarification.
[[Page 5949]]
Correction of Publication
Accordingly, the publication of the notice of proposed rulemaking
by cross-reference to temporary regulations and notice of public
hearing (REG-129709-03), which was the subject of FR Doc. 04-27295, is
corrected as follows:
1. On page 75492, column 2, in the preamble under the caption
DATES, the second sentence from the bottom of the paragraph, the
language ``10 a.m. must be received by March 14,'' is corrected to read
``10 a.m. must be received by March 30,''.
2. On page 75492, column 2, in the preamble under the caption
ADDRESSES, the last sentence, the language ``REG-129703-03).'' is
corrected to read ``REG-129709-03).''.
3. On page 75492, column 3, in the preamble under the caption
Comments and Requests for a Public Hearing, paragraph 3, line 8, the
language ``March 14, 2005. A period of 10 minutes'' is corrected to
read ``March 30, 2005. A period of 10 minutes''.
PART 1--[AMENDED]
Sec. 1.409(p)-1 [Corrected]
4. On page 75493, column 1, the section title for Sec. 1.409(p)-1,
the language ``Prohibited allocation of securities in an S
Corporation.'' is corrected to read ``Prohibited allocations of
securities in an S Corporation.''.
Guy R. Traynor,
Federal Register Liaison, Publication and Regulations Branch, Legal
Processing Division, Associate Chief Counsel, Procedures and
Administration.
[FR Doc. 05-2200 Filed 2-3-05; 8:45 am]
BILLING CODE 4830-01-P